The 50:50 joint venture with mineral conglomerate Trimex group has been christened as Rakindo Developers.
The JV proposes to make the investment over the next five to seven years to develop at least 50 million sq ft of residential, commercial and office space across the country.
In the first quarter of 2008, Rakindo plans to start work on a $1.5 billion, 1,000-acre integrated township and information technology special economic zone (SEZ) in Coimbatore. It has already received in principle clearance for the SEZ, which is being developed in partnership with the Tamil Nadu government.
"Establishing an integrated township and IT park in Tamil Nadu affirms our belief in the state and is definitely a step towards our effort to bring world class facilities to India," said Khatar Massad, advisor to the Crown Prince of Ras Al Khaimah and CEO of RAK Investment authority.
Rakindo already has a land bank of over 4,000 acres across the country and is negotiating with the government to acquire an additional 5,000 acres.
The Coimbatore township marks the start of the initiative by Rakindo to create a pan-India presence with a focus on tier I and II cities.
